Source: January 26, 2015 Read More →

NOTICE OF PUBLIC HEARING ON THE TOWN OF RAINELLE BOND ORDINANCE

NOTICE OF PUBLIC HEARING
ON THE
TOWN OF RAINELLE
BOND ORDINANCE
A public hearing will be held on the following_entitled Ordinance at a regular meeting of the Council of the Town of Rainelle (the “Town”) to be held on Monday, February 9, 2015, at 7:00 pm at the Town of Rainelle, Town Hall, Rainelle, West Virginia, and at such hearing any person interested may appear before the Town and present protests, and all protests and suggestions shall be heard by the Town and it shall then take such actions as it shall deem proper in the premises upon an Ordinance entitled:
ORDINANCE AUTHORIZING THE PAYMENT OF THE SERIES 2012 A NOTES, THE ACQUISITION AND CONSTRUCTION OF CERTAIN ADDITIONS, BETTERMENTS AND IMPROVEMENTS TO THE EXIST-ING PUBLIC WATERWORKS FACI-LITIES OF THE TOWN OF RAINELLE, AND THE FINANCING OF THE COST, NOT OTHERWISE PROVIDED THEREOF, THROUGH THE ISSUANCE BY THE TOWN OF NOT MORE THAN $3,200,000 IN AGGREGATE PRINCIPAL AMOUNT OF WATER REVENUE BONDS, SERIES 2015 A (UNITED STATES DEPARTMENT OF AGRICULTURE) IN ONE OR MORE SERIES; DEFINING AND PRESCRIBING THE TERMS AND PROVISIONS OF THE BONDS; PROVIDING GENERALLY FOR THE RIGHTS AND REMEDIES OF AND SECURITY FOR THE HOLDER OF THE BONDS; AND PROVIDING WHEN THIS ORDI-NANCE SHALL TAKE EFFECT.
The above_quoted title of the Ordinance describes generally the contents thereof and the purposes of the Bonds contemplated thereby.  The Town contemplates the issuance of the Bonds described in the Ordinance.  The proceeds of the Bonds will be used to (i) pay the Series 2012 A Notes; (ii) permanently finance the costs of acquisition and construction of additions, betterments and improvements to the waterworks system (the “Project” ); and (iii) to pay the costs of issuance hereof and related costs.  The Bonds are payable solely from the gross revenues to be derived from the ownership and operation of the system of the Town.  No taxes may at any time be levied for the payment of the Bonds or the interest thereon.
The above-entitled Ordinance was adopted by the Council of the Town of Rainelle on January 12, 2015.  A certified copy of the above_entitled Ordinance is on file with the Town for review by interested parties during regular office hours.
Following the public hearing, the Town intends to enact the Ordinance upon final reading.
Dated: January 20, 2015
/s/ Andrea Pendleton
Mayor
(26ja,2fe)